Tokyo Stock Exchange CEO says talks between firms and investors key to governance
Adds details from presser and background.
By Anton Bridge
TOKYO, Oct 17 (Reuters) -The Tokyo Stock Exchange's role from now on is to facilitate constructive dialogue between companies and investors rather than mandate how businesses are run, its head said on Thursday.
"The real power to bring about change lies with investors and shareholders," Hiromi Yamaji, chief executive officer of Japan Exchange group, which operates the Tokyo Stock Exchange, told a press briefing in Tokyo.
The exchange's efforts to encourage companies to improve their governance practices and corporate value have boosted domestic equities. The Nikkei share average .N225 crossed a 34-year high in February this year.
But Yamaji said mandating companies change their management practices could be counterproductive as it can provoke a backlash.
"Reform isn't sustainable unless companies take voluntary action," Yamaji said.
In January this year, the exchange began publishing a list of companies that had disclosed plans to improve their capital allocation and corporate value, which was seen as a move to name and shame those that failed to disclose such plans.
At the end of September, 80% of companies on the Tokyo Stock Exchange's prime market had submitted such plans.
From next year the exchange plans to improve the list by highlighting companies seeking active dialogue with investors alongside providing good and bad examples of shareholder engagement to companies, Yamaji said.
Additionally, investors have a responsibility to engage with companies with a longer-term perspective rather than chasing short-termgains, Yamaji said.
"Our aim to is encourage sustainable growth and mid- to long-term improvement in corporate value," he said.
Yamaji also said he hoped Japanese Prime Minister Shigeru Ishiba would promote policies to stimulate private sector growth and continue his predecessor Fumio Kishida's efforts to encourage a shift from savings into investments.
Reporting by Anton Bridge and Rocky Swift; Editing by Clarence Fernandez, Rashmi Aich and Janane Venkatraman
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
